7. Conclusion: towards the energy transition

Oil demand is growing steadily in China and India (by almost 10% a year), and remains stable or even rising slightly in the United States, Europe and Japan, as well as in developing countries.

Since 2004, the oil market has been subject to wide fluctuations, which can cause crude oil prices to soar, but also to plummet. From $25 in 2002, $38 in 2004, and $55 in 2005, the price of a barrel of crude soared to $145 in 2008, before falling back to around $40 in early 2009, and remaining below $50 in the second half of 2015 after a 5-year period of near-stability around $100. Overall, global demand for oil continues to be fuelled by global economic growth, especially as there is no short-term alternative to oil for fuels. Moreover, there are major regional disparities in demand, with a...